A group of private investors associated with “Brisbanes’ largest Multi-Family Office” – Keystone Private have bought 252 St Pauls Terrace, Fortitude Valley for $10.5 million.
252 St Pauls Terrace is a 4 level commercial building totalling 3,627m2 nla and has 25 car parks. The building is quite unique compared to its peers in the Valley & Newstead precinct as it is fitted for education usage and offers over 30 classrooms with full kitchens and break out rooms. The building offers tenants a 9B classification that allows up to 1,500 students on site. Over the years the building has been home to Kodak and more recently the Shaftson College and currently Kaplan Business School.
K2 Private’s Director of Property – Stuart Moody negotiated the purchase on behalf of the new Owner with Hunter Higgins from Colliers representing the Vendor – Moody said : “We are very pleased to secure this asset in QLD’s fastest growing commercial hub of Fortitude Valley. This asset has a passing yield of 20% and also represents the lowest per m2 rate purchased in the Valley for many years at $2,895 / m2.
K2 private will manage the building going forward.